Jump to content

Do you have to tell the bank you are selling?
Mortgage question


  • Please log in to reply
9 replies to this topic

#1 LittleListen

Posted 05 January 2013 - 06:53 PM

We are selling shortly but not buying right away so will be closing our mortgage.

My question is, do I have to tell the bank that we are putting the house on the market? Or only once the legals on a sale are done?

#2 Three Of Hearts

Posted 05 January 2013 - 06:56 PM

Only once it's done.  The REA/Solicitor will do a title search that will show there is a mortgage over the property.  That is how it gets settled, you don't actually have to tell the bank anything.

#3 LittleListen

Posted 05 January 2013 - 07:00 PM

Thank you very much original.gif

#4 melstribe

Posted 06 January 2013 - 03:39 PM

Hi, just letting you know that when we were selling our house we had to let the bank know. The solicitor told us we had to ring the bank and let them know as it could delay settlement by weeks.

#5 dirtgirl

Posted 06 January 2013 - 03:50 PM

I can't really answer this question for you, as I've never sold a mortgaged property, and I'm sure different banks may have different policies. However, I would have thought that the fact that you are selling the asset that your mortgage is secured to, you would need to advise your bank as they are an 'interested party'.

I may be wrong though...I'd suggest investigating further with your bank.

#6 Mumma_G

Posted 06 January 2013 - 03:58 PM

We didnt have to let our bank know until we got a contract.

#7 Guest_AllegraM_*

Posted 06 January 2013 - 04:03 PM

You have to the let bank know as they will have to prepare a release of mortgage. This can take up to 3 weeks. The bank attends settlement and only hands over the release of mortgage to the buyer's solicitor when you hand them a bank cheque to pay out their loan. I can 100%  guarantee your property will not settle if you or your conveyancer do not give your bank sufficient notice.

ETA your formal notification to our bank takes place after you enter into a sale contract. You do not have to let your bank know you are putting your property on the market.

Edited by AllegraM, 06 January 2013 - 04:06 PM.


#8 mommyoffour

Posted 06 January 2013 - 04:04 PM

Check your mortgage documents. It may be a default if you don't (although whether they enforce it is a whole other thing).

#9 WhimsicalDragonfly

Posted 06 January 2013 - 04:14 PM

I don't recall us personally telling the bank, I'm pretty sure our conveyancer did this for us.


#10 FeralLIfeHacker

Posted 07 January 2013 - 12:35 PM

Good question, it was one of mine to ask, sounds like I need to check with the bank? but like pp I would have thought it would be the conveyancers job.




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

Special offer: The Baby & Toddler Show 2014

At The Baby & Toddler Show, you?ll find everything you need to get ready for your new arrival and guide you through the early weeks and years of parenting.

The 'no children' wedding invite

It was the wedding of one of my oldest and dearest friends, and she had invited me to be her bridesmaid. It was quite an honour. But there was one problem.

Baby Dylan recovering well after spending five days alone

 For up to five days he lay alone after his mother died of a suspected drug overdose, but eight-month-old Dylan Micallef has made an incredible recovery.

The mystery of William Tyrell, little boy lost

The question remains: How does a little boy simply vanish without a trace?

Woman fights off robber, then gives birth

A thief in the US got more than he bargained for when he try to rob a woman who was nine months pregnant because he figured she would be an easy target.

Video: Two-year-old tells mum off for laughing at her

This little girl is not happy that her mum started laughing during her performance - so she tells her exactly how she feels about it.

Coping with a bolter

My 15-month-old has suddenly added a burst of real speed to her toddle. She should be classed a flight risk.

Single, 51 and pregnant

Tracey Kahn didn't realise she wanted to become a mother until she was well into her 40s. Now 51, she is pregnant with her second child.

An open letter to Tony Abbott: please salvage our super

We face financial ruin, but most of us don?t realise it. If we don?t act together to salvage our superannuation, I have no doubt the new GFC will be the Girls? Financial Crisis.

'I'm happy to know I'm changing lives': surrogate mum of two

I know that once the baby is born, I will focus on the gift I have given, and watch the parents with their new child. I can't wait for that day.

Birth trauma and the issue of informed consent

There is a perception that women should just be happy they have a healthy baby in their arms. But for women who experienced birth trauma, there's a lot more to it.

Tips for managing pollen allergies and hayfever

They're simple tips, but they can have a big impact on those who suffer from hayfever and pollen allergies.

Ada Nicodemou shares tribute to her stillborn baby

Just over one month since Ada Nicodemou and her husband lost their second son, the Home and Away star has shared a touching poem for her baby.

Mum causes stir breastfeeding on train

?To the woman breastfeeding her kid on the train. Seriously! On the train?" began the letter of complaint.

10 things they don?t tell you about being pregnant

As I slowly waddle my ever-changing pregnant body towards the finishing line of my due date, it?s becoming increasingly clear there are a lot of things they just don?t tell you about pregnancy.

Overcoming a fear of the dark

A toddler's fear of the dark is very normal, but there are ways parents can help children through this stage in their development.

Kids, TV and movies: how young is too young?

It seems you don't have to throw the TV and iPad out the window - it all boils down to moderation, supervision and interaction.

Video: Baby's first birthday is a special day for mum, too

?A baby?s first birthday is also mum?s first birthday.?

The day Supernanny came to tea

Prince William's favourite celebrity child trainer Jo Frost puts Bryony Gordon and her toddler through their paces.

The words I hated hearing as new mum

It was less than a week after my son was born that I first heard it - from my mother.

To the pharmacist who sold me baby formula

On the rare occasion I catch sight of you at school, or around town, I think back to our earliest exchange. I?m sure you have no recollection of it at all.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Special offer: The Baby & Toddler Show 2014

At The Baby & Toddler Show, you?ll find everything you need to get ready for your new arrival and guide you through the early weeks and years of parenting.

Losing yourself to motherhood

While watching your baby grow into a unique little person is exciting and wondrous, the intensity of meeting everyone else?s needs can ever so sneakily overtake your own needs for self-care.

Tearing during delivery: the facts

Almost all women will experience bruising, grazing or tearing after a vaginal birth. Depending on the degree of tearing, there are various treatments available.

6 tips for a day out with a baby and toddler

Outings can be lots of fun with the kids, but there are inevitable challenges. Here's some information about days out to help you be a little more prepared.

Why I invited a dozen people to watch my son's birth

I sent invitations on burgundy scrapbooking paper stamped with a field of poppies, and told each person why I wanted him or her there. I warned that there would be nudity.

Getting labour started: tips for a natural induction

When your baby?s due date comes and goes without so much as a pop - let alone a bang - it can be disheartening. Mums and a doula share their stories of natural inductions.

7 mistakes old hands make with new babies

As I sat across the table from my friend ? me, a seasoned mother of three; her, a brand new mum ? I thought of all the mistakes an old-hand parent can make when visiting a newborn baby.

That's my boy: a dad's diary of the first 4 months

Unbearable anxiety, unspeakable joy, constant exhaustion and bouts of frustration ... The many shocks of first-time fatherhood resound in a dad's diary of his son's early months.

One of the most important things a new mum can do

Finances may not be as cute as a newborn, but with many women?s working arrangements changing post-baby, monetary matters need attention too.

The 'no children' wedding invite

"It's her wedding, so the day is all about her, not your baby." How major fall-out can occur over a simple wedding invitation.

Personalised baby gifts

We've scoured the internet to find gorgeous personalised keepsakes and nursery decor to record baby name and dates. They make great gifts for christenings, name days and birthdays! (All prices in AU.)

 

Reader offer

2 FOR 1 TICKET OFFER

For Shopping, For Advice, For Baby & You. Enjoy a special day out with fabulous shopping from over 200 brands, leading parenting experts offering advice on a range of topics, and amazing children?s entertainment

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.